Please do not give solution in image format thanku Problem: Module 2 Textbook Problem 10Learning Objective: Module 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, andweighted average) affect financial statementsThe Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:Jan. 20Apr. 21July 25Sept. 19PurchasedPurchasedPurchasedPurchased390 units110 units230 units90 units@@@@$3=$ 4 =$6 =$8 =$1,1704401,380720ADuring the year, The Shirt Shop sold 620 T-shirts for $13 each.Requireda. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flowassumptions: (1) FIFO, (2) LIFO, and (3) weighted average.b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Required A Required BCompute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the followassumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal placesanswers to the nearest whole dollar amount.)Ending inventoryFIFORequired Aassumption. [1, (2) LII, and weighted averaye.b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.LIFOComplete this question by entering your answers in the tabs below.Gross marginRequired BWeightedAverageCompute the difference in gross margin between the FIFO and LIFO cost flow assumptions.FIFOLIFODifference< Required ARequired B >

Name: Please do not give solution in image format thanku Problem: Module 2 T
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Please do not give solution in image format thanku Problem: Module 2 Textbook Problem 10Learning Objective: Module 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, andweighted average) affect financial statemen